To ensure your petty cash is appropriately used, perform periodic audits. This involves summarizing all disbursements made and issuing cash back to the fund for that amount. At least once per year, each petty cash fund will be reviewed by the custodian, their supervisor, and the financial manager of the Division

Whenever possible, an … Writing impractical procedures – for example, suggesting a segregation of duties between the person authorising petty cash vouchers, recording petty cash vouchers and dispensing the petty cash. Fund Petty Cash. • This cash should be counted daily and logged.

Petty cash funds allow cash to be made available to departments and activities to facilitate cash payment for minor expenses while maintaining proper control. The vouchers also serve as documentation showing what expenditures were made with petty cash and are used to prepare the petty cash journal when the fund is replenished. OVERVIEW DEFINITIONS PROCEDURES 1. • This check can be cashed at the main Cashier’s window in the Student Services Building, room 165. Petty Cash Fund Procedures Petty Cash Fund Definition - A small cash fund used to make incidental purchases where normal purchasing methods are not practical. Effective audits are unannounced and the purpose is to randomly check on the records, accounting procedures and control of your petty cash fund. Wherever possible, local units should use the PCard instead of petty cash. A Petty Cash Fund operates as follows. c) that compliance is obtained with university financial policies and procedures. The Controller’s Office will send a letter to the Custodian each year requiring that the Custodian conduct a self-audit of the fund.

Our scope included FY15. Businesses that maintain petty cash to pay for small, on-demand necessities should implement proper petty cash audit testing procedures to ensure that employees use petty cash for appropriate reasons and properly account for the petty cash as used. Without audits, petty cash funds may be prone to misuse or poor management. D. Review of Petty Cash or Change Funds 1. 3. • When cash becomes depleted, a refund check should be requested by the petty cash custodian to Accounts Payable. includes FY 2015 petty cash funds. Petty Cash Procedure Page 1 of 6 Version 1.0 April 2017 Standard Operating Procedure 1 (SOP 1) Petty Cash Procedure Whywe have a procedure? 8. Petty cash count and cash certificate for the year end balance of cash in hand. Based on surprise cash counts, interviews with relevant staff, and an evaluation of departmental cash handling policies and procedures, we conclude that The University of Texas at Austin appears to be in compliance regarding petty cash accounts. During the course of departmental business operations, [ Read More ] Restrictions on use of petty cash 4. These two issues underline the importance of having well designed monitoring controls in missions performed on a timely basis by knowledgeable MCOs. Keep the audit log separate from the petty cash, to aid in reconciliation if the cash box is stolen. So, some audit procedures are dependent upon the results of some other audit procedures. Petty Cash Audit Procedures. Issue of Petty Cash Facilities Petty cash facilities will only be issued in line with this policy. Replenishing petty cash float 5. c) that compliance is obtained with university financial policies and procedures. Once we have identified audit risks related to cash and bank, we need to perform audit procedures. 3. Best Practices for Cash Control The procedures listed below are the best practices to accept, store, reconcile and deposit, ... a refund check should be requested by the petty cash custodian to Accounts Payable. Tub financial deans or equivalent tub financial officers (or designees) are responsible for ensuring that local units abide by this policy and the accompanying procedures, and for approving Petty Cash Action Forms.. Tubs are responsible for approving payment requests submitted to fund new petty cash accounts before the request is routed to Central Administration for final approval. The procedure for petty cash funding is outlined below:.